No housing boom coming in 2013: CMHC

Peterborough This Week

According to Canada Mortgage and Housing Corporation (CMHC), resale prices will remain relatively flat in the Peterborough area through 2013.
Its analysts also expect existing home sales to begin to slow in the latter part of 2012, but begin to gain momentum in the second half of 2013 as employment conditions improve. Housing starts will decrease in 2012 and remain at the same level in 2013 due to slow population growth and sufficient supply in the resale market, said Anthony Passarelli, CMHC Market Analyst for the Peterborough.
“Although on average employment in 2012 and 2013 will be relatively flat, there will be growth during the second half of 2013 that will support some strengthening in demand for housing," Mr. Passarelli adds.
Overall, he expects sales in 2013 to only be down slightly from 2012 as the resale market will start to gain momentum in the latter part of the year.